US stocks get a lift from earnings; Berkshire and Tyson rise

NEW YORK — U.S. stocks are slightly higher Monday morning as companies including Tyson Foods and Berkshire Hathaway are rising after their second-quarter reports. Overseas markets are getting off to a sluggish start to the week.

KEEPING SCORE: The S&P 500 index rose 1 point, to 2,841 as of 10 a.m. Eastern time. The benchmark index has risen for five weeks in a row, its longest winning streak in 2018.

The Dow Jones Industrial Average lost 56 points, or 0.2 per cent, to 25,406 as aerospace company Boeing fell. The Nasdaq composite added 13 points, or 0.2 per cent, to 7,825.

The Russell 2000 index of smaller-company stocks rose 4 points, or 0.3 per cent, to 1,678. Most stocks on the New York Stock Exchange traded higher.

RIDING HIGHER: Warren Buffett’s Berkshire Hathaway conglomerate said its insurance operations did better and the U.S. economy has gotten healthier. Its results were stronger than analysts expected and the company’s Class B shares climbed 3.1 per cent to $206.54.

Tyson Foods rose gained 4 per cent to $60.04. The meat producer cut its profit forecast last week in part because of uncertainty surrounding trade policy and rising freight costs. But it didn’t give any signs things are getting worse. The stock is down 26 per cent this year.

Dental and medical products maker Henry Schein reported a larger profit and more revenue than Wall Street expected and its stock gained 4.7 per cent to $83.99.

EARLY LOSERS: Consumer products company Newell Brands dropped 7.5 per cent to $24.59. The company said the liquidation of Toys R Us hurt its baby products business and its writing products unit also struggled. Newell has been selling off assets including its Rawlings sporting goods business.

Sotheby’s auction house slid 5.9 per cent to $49.78 after its profit fell short of investor projections. The company said its business was hurt by price guarantees that made some auctions less profitable.

Rite Aid plunged 11.4 per cent to $1.62 after it forecast a bigger loss for the year because generic drug pricing isn’t shaping up the way it expected.

IN WITH THE NEW, OUT WITH NOOYI: PepsiCo said Indra Nooyi will step down as its CEO in October after 12 years leading the company. Ramon Laguarta, who is in charge of corporate strategy and oversees global operations, will become its next CEO. The stock rose 1.4 per cent to $117.95.

CURRENCIES: Regulators in China tightened controls on trading in the yuan in a possible effort to stop its decline against the dollar. The yuan has drifted lower against the dollar since February, which could help exporters that face higher U.S. tariffs but also raises the risk of capital flowing out of the economy.

The British pound weakened after the U.K.’s trade minister warned that the country is at risk of leaving the European Union without a deal that would help it avoid tariffs and other trade barriers. The currency fell to $1.2937 from $1.3007 on Friday.

The dollar rose to 111.45 yen from 111.23 yen. The euro fell to $1.1551 from $1.1578.

BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 2.93 per cent from 2.95 per cent.

ENERGY: Benchmark U.S. crude gained 0.9 per cent to $69.12 a barrel in New York. Brent crude, used to price international oils, rose 0.5 per cent to $73.55 a barrel in London.

OVERSEAS: Germany’s DAX lost 0.5 per cent and while London’s FTSE 100 fell 0.2 per cent. France’s CAC 40 gave up 0.4 per cent.